Monday, 13 November 2023

Russian naval fleet anchors at Bangladesh port

A Russian naval fleet has called at the port of Chittagong in Bangladesh for the first time in almost half a century, reported Russian government news agency TASS on Sunday.

The Pacific Fleet’s naval group comprises of the large anti-submarine warfare ships Admiral Tributs and Admiral Panteleyev and the oceanic tanker Pechenga. The combat ships are moored at Chittagong port, considered Bangladesh’s main sea harbour.

Confirming the arrival of the Russian naval fleet, Chattogram Port Authority secretary Md Omar Faruk said that it was a friendly visit from Russia to Bangladesh.

Naval ships from Turkey and France also came recently on such friendly visits, he said.

The naval fleet came around 10 months after the Bangladesh government in January instructed the authorities concerned not to allow any of the 69 mother vessels of seven Russian companies sanctioned by the United States to enter the country’s ports.

The Mercantile Marine Office, Chattogram, issued a circular to this effect on January 16, mentioning the IMO (International Maritime Organisation) ship identification numbers so that they were not allowed to avail of any services, including certification, renewal, refuelling, and insurance, in Bangladesh territory.

The Russian Pacific Fleet Squadron is visiting the Chattogram Port, which is a huge milestone for Russia-Bangladesh relations. The last time Russian/Soviet naval ships visited Bangladeshi ports was 50 years ago.

The Russian embassy in Bangladesh shared a related story on its verified Facebook page.

Ashik Imran, the Russian honorary consul in Chattogram, told TAAS that Russian naval sailors this time had called at the port solely on a friendly visit.

‘This is evidence that the relations between the two states are currently at a very high level,’ the Russian state media quoted Imran as saying.

 

 

Sunday, 12 November 2023

United States air strikes in Syria

The United States carried out two air strikes in Syria against Iran and its aligned groups on Sunday, the Pentagon said, in the latest response to a series of attacks against American forces in Syria and in Iraq.

In a statement, US Defense Secretary Lloyd Austin said the strikes targeted a training facility near the city of Albu Kamal and a safe house near the city of Mayadeen. He said President Joe Biden ordered the strikes.

"The President has no higher priority than the safety of US personnel, and he directed today's action to make clear that the United States will defend itself, its personnel, and its interests," Austin said in a statement.

Local sources also said the strikes targeted a camp run by pro-Iranian militias in an area west of Albu Kamal, in Deir al Zor province. The other strike was near a bridge close to the city of Mayadeen, near the Iraqi border and stronghold of pro-Iranian militias, the sources said.

The strike is the third since October 26 as the United States attempts to quell wave after wave of drone and rocket attacks against American troops in Syria and Iraq, triggered by the Israel-Hamas war.

Iran and its supporters say the United States shares responsibility for Israel's declared war against Palestinian militant group Hamas, which is also backed by Iran.

US and coalition troops have been attacked at least 40 times in Iraq and Syria by Iran-backed forces in recent weeks. At least 45 US troops have suffered traumatic brain injuries or minor wounds

The United States has 900 troops in Syria, and 2,500 more in neighboring Iraq, on a mission to advise and assist local forces trying to prevent a resurgence of Islamic State, which in 2014 seized large swathes of both countries but was later defeated.

A US official, speaking on condition of anonymity, said the strikes took place within the past several of hours and added that a US review was underway to determine whether the they killed or wounded anyone.

There is growing concern that the Israel-Hamas conflict could spread through the Middle East and turn US troops at isolated bases into targets.

The United States has sent warships and fighter aircraft to the region since the Israel-Hamas conflict erupted on October 7, including two aircraft carriers, to try to deter Iran and Iran-backed groups. The number of troops added to the region is in the thousands.

Reuters has reported that the US military was taking new measures to protect its Middle East forces during the ramp-up in attacks by suspected Iran-backed groups, and was leaving open the possibility of evacuating military families if needed.

The measures include increasing US military patrols, restricting access to base facilities and boosting intelligence collection, including through drone and other surveillance operations, officials say.

Saturday, 11 November 2023

Saudi Crown Prince blasts international failure to halt Israeli aggression

Saudi Arabia’s Crown Prince Mohammed Bin Salman has affirmed the Kingdom’s unequivocal rejection and condemnation of Israel’s unjust war on Palestine.

Prince Mohammed described there was a humanitarian catastrophe that exposes the failure of the Security Council and the international community to curb the blatant Israeli violations.

He reiterated the call for an immediate cessation of military operations and the establishment of humanitarian corridors for the relief of civilians.

Crown Prince made his remarks as he chaired and opened the extraordinary joint Arab-Islamic summit in Riyadh on Saturday, on behalf of Custodian of the Two Holy Mosques King Salman.

He said, “This summit convened under exceptional and painful circumstances. In this regard, we strongly condemn and reject this unjust war, which our brothers in Palestine are enduring.

“Thousands of innocent civilians, including children, women, and the elderly, have fallen victim, and hospitals, places of worship, and infrastructure have been destroyed.”

“Saudi Arabia has exerted continuous efforts since the beginning of the events to protect civilians in Gaza, consulting and coordinating with its brothers and effective countries in the international community to halt the war.”

He renewed Saudi Arabia’s demands for an immediate cessation of military operations, the provision of humanitarian corridors for civilian relief, and enabling international humanitarian organizations to fulfill their roles.

He also called for the release of hostages and detainees, the preservation of lives, and the protection of the innocent.

“We are facing a humanitarian catastrophe that testifies to the failure of the Security Council and the international community to put an end to the blatant Israeli violations.

“It violates international laws, norms, and humanitarian law, demonstrating double standards and selectivity in their application.

“This threatens global security and stability. Therefore, it requires a coordinated collective effort to address this unfortunate situation.

Prince Mohammed called for working together to lift the blockade by providing humanitarian and relief aid, securing medical supplies for the sick and injured in Gaza.

He emphatically expressed Saudi Arabia’s firm rejection of the ongoing aggression, occupation, and forced displacement of Gaza residents.

The Crown Prince asserted the Saudi position, holding the occupying authorities responsible for the crimes committed against the Palestinian people and their resources.

He reiterated the conviction that the only way to achieve security, peace, and stability in the region is to end the occupation, siege, and settlement, ensuring the legitimate rights of the Palestinian people, and establishing their independent state within the 1967 borders with East Jerusalem as its capital.

Iranian president lands in Riyadh for landmark summit

Iranian President Ebrahim Raisi and his delegation touched down in Riyadh on Saturday to partake in the Joint Arab Islamic Extraordinary Summit.

Welcomed at King Khalid International Airport by Deputy Governor of Riyadh Region Prince Mohammed Bin Abdulrahman, Saudi Ambassador to Iran Abdullah Al-Anzi, Iranian Ambassador to the Kingdom Dr. Alireza Enayati, and various officials, this marks the first visit of an Iranian president to the Kingdom in over a decade.

Notably, diplomatic relations between Saudi Arabia and Iran were reinstated in March 2023, leading to the exchange of diplomatic missions and the reopening of embassies in both capitals.

Raisi is slated to participate in the extraordinary joint Arab-Islamic summit in Riyadh, convened in response to the situation in Gaza.

The summit aims to underscore the significance of consolidating efforts and presenting a unified stance that reflects the joint Arab-Islamic stance concerning the serious and unprecedented developments in Gaza and the Palestinian territories.


Pakistan-China Joint Naval Exercises

The opening ceremony of the Pakistan Navy and PLA (Navy) bilateral exercise Sea Guardian-2023 was held at the Pakistan Navy Dockyard, Karachi.

Commander Qingdao Naval Base, Rear Admiral Liang Yang graced the occasion as Guest of Honour. Commander Pakistan Fleet, Vice Admiral Muhammad Faisal Abbasi was also present at the occasion.

In his opening remarks, Vice Admiral Muhammad Faisal Abbasi welcomed the officers and personnel of PLA (N) Flotilla, underscoring the close and strategic ties between the two countries in general and Navies in particular.

The admiral emphasized the importance of immaculate and sound planning during the exercise and hoped that this exercise would further enhance strategic cooperation and interoperability between the two navies.

In his speech, Commander Qingdao Naval Base Rear Admiral Liang Yang thanked the Pakistan Navy for hosting Exercise Sea Guardian and hoped to have a mutually beneficial and professionally rewarding experience from the joint exercise.

Earlier, the Chinese Flotilla comprising of naval ships, Submarine and Submarine Rescue Ship along with PLA (Navy) Marines Corps Detachment, arrived in Karachi to participate in the exercise.

During the exercise, frontline destroyers/ frigates along with Air and other assets and Marines/ Special Forces from Pakistan Navy and PLA (Navy) will carry out advanced-level joint drills and naval maneuvers in the North Arabian Sea besides professional and social activities during the harbor phase.

The objective of Exercise Sea Guardian-2023 is to share professional experiences on contemporary traditional and non-traditional threats in the Indian Ocean Region as well as to enhance bilateral cooperation and interoperability between the two Navies.

The exercise is a reflection of strong bilateral military cooperation between the Pakistan Navy and the Chinese Navy and will foster greater bilateral cooperation between the two navies.

 

 

Pakistan Stock Exchange witnesses bullish trend throughout the week

Pakistan Stock Exchange (PSX) witnessed persistent bullish run during the week ended on November 10, 2023. The benchmark index closed at 55,391 points, up 4.27%WoW, with daily trading volume averaging at 544.05 million shares, up 20.8%WoW.

The sentiments were driven by an overall positive atmosphere owing to IMF’s review under the SBA, after the completion of technical talks, followed by policy level discussions scheduled to begin on Monday.

Overall, discussions seem to be on a positive trajectory with IMF mostly questioning the fiscal targets and delay regarding gas price revisions. On the macro front, expectations of a reduction in CAD during FY24 to US$4.5 billion, alongside healthy agri output to boost exports are the positive triggers.

Further, crude oil prices continue to slide amidst uncertainty over China’s economic recovery and stability in US reserves, Arab light/ WTI/ Brent being traded at US$84.7/ US$76.7/ US$81.1 per barrel.

On the currency front, US$/PKR slid for the second straight week, ending at 287.03, down 0.95%WoW amidst rising import demand, alongside concerns regarding IMF talks.

Furthermore, PIB auction held during the week saw yields declining, with 3/ 5/ 10 year bond yields slipping to 17.39%/ 15.95%/ 15.10% (down 180/ 100/ 15bps), reinforcing expectations of an end to further monetary tightening.

Other news for the week were: 1) SIFC assessed Sinopec’s interest; 2) US$3 billion projects approved for flood-hit areas; 3) IMF talks uncovered major gaps; 4) Cotton production jumps by 83%; 5) Reko Diq deal with Saudi firm to be signed this year; 6) Nepra allowed Discos PKR0.4/unit tariff hike under FCA for September 23.

Top performing sectors included Chemical and Cement, while Close-end Mutual Fund saw major selling. Flow-wise, major selling was recorded by Insurance with a net sell of US$16.9 million, while Banks/DFI absorbed the selling with a net buy of US$16.3 million.

Top performing scrips were: CNERGY, KOHC, CEPB, FCCL, and KTML, while laggards included HGFA, UNITY, BNWM, EFUG, and ABOT.

Top volume leaders were: CNERGY, PRL, HUMNL, KOSM, and WTL.

Going forward, analysts maintain an optimistic outlook of the market and believe the present rally to continue, albeit with episodes of profit taking. This stance stems from an expected positive conclusion of the IMF’s review amidst improving macro indicators and fading uncertainty over the upcoming elections, even though the country faces tough economic decisions in the near future.

Overall, brokerage houses advise their clients to focus on fundamentals, with exposure in high dividend yielding scrips.

Friday, 10 November 2023

Who will ultimately get control over Gaza?

Israel’s unabated bombardment at Gaza is raising questions over how the coastal enclave would be managed once the fighting is over. This exposes a growing divide between United States and Israeli officials on the issue. 

Several US officials, including Secretary of State Antony Blinken, have said Israel should not occupy Gaza and the strip must be run by Palestinians. That has contrasted with Israel’s messaging. 

Israeli Prime Minister Benjamin Netanyahu is vowing to hold Gaza for an indefinite period once the dust settles, though he has not clarified what exactly that would mean for Palestinians. 

The post-conflict management of Gaza is also dependent on the outcome of the war and whether Israel fulfills its mission to eradicate Palestinian militant group Hamas — along with how much destruction is inflicted to that end. 

“The military operation itself may go on for a very, very long time, depending upon what form it takes and how successful it is, there are different possibilities,” said Ian Lesser, the vice president of German Marshall Fund US.  

“In the worst case, it could be that Israel is dealing with an ongoing counter-terrorism and counter-insurgency operation that is essentially open-ended,” he added. “So it could be a long time until we even see some kind of new phase.” 

Israel held Gaza from 1967 to 2005, when it withdrew following a major Palestinian uprising.  

Hamas has ruled the Gaza Strip since 2007, but the US-designated terrorist group is now fighting for its survival after it launched a surprise attack on southern Israel October 07 and killed 1,200 people, according to Israel’s revised figures.

Both Israel and the US agree that Hamas cannot be returned to power in Gaza, but the messaging on what happens next is muddied. 

Blinken said there may need to be a transition period at the end of the war, but that it was imperative that the Palestinian people be central to governance in Gaza. 

“We’re very clear on no reoccupation, just as we’re very clear on no displacement of the Palestinian population,” he said at a press event this week. “We need to see and get to, in effect, unity of governance when it comes to Gaza and the West Bank, and ultimately to a Palestinian state.” 

On Friday, Blinken also reiterated that the US is against the forced displacement of Palestinians from Gaza and any efforts to reduce its territory. He also said Gaza must not be used as a terrorist base ever again. 

But Israel is still reeling from the October 07 attacks and officials are pushing to take whatever steps necessary to protect their people, both during and after the war. 

Netanyahu told ABC that he is committed to ensuring Israel cannot suffer the fate of October 07 again, promising a new security reality for the citizens of Israel. 

“For an indefinite period, Israel will have the overall security responsibility because we’ve seen what happens when we don’t have it,” he said. “When we don’t have that security responsibility, what we have is the eruption of Hamas terror on a scale that we couldn’t imagine.” 

While Netanyahu later clarified he does not seek to reoccupy Gaza, he said at a meeting on Friday that Israel would have total security control of the coastal enclave after the war, according to Israeli media. 

It’s unclear what that will look like, whether it would mean an Israeli presence along the border of Gaza or involve control within the territory itself. 

White House National Security Council spokesperson John Kirby said Wednesday the US was having active discussions with Israel about the issue but declined to speak on Israel’s specific intentions. 

While Israel has resisted a global pressure campaign calling for a ceasefire, it remains susceptible to pressure from the US, its key security partner. Israel agreed to officially implement four-hour humanitarian pauses each day after pressure from the Biden administration. 

Paul Fritz, a professor of political science at Hofstra University who specializes in international conflict, said he views the ongoing dialogue as bargaining between allies with different objectives. 

“There are definitely some significant rifts between the US and Israel, along with other states in the international system, but the sort of quiet diplomacy that’s going on might be bearing some fruit,” he said. 

“Any movement in that way could ultimately be helpful because these are small issues compared to the big political questions that are regarding what to do after the war.”

The war in Gaza is dividing the United States into pro-Palestinian and pro-Israel camps, and any Israeli occupation after the fighting would only widen those divisions. Occupation could also spark more anger against Israel, including among those still supportive of its retaliatory war. 

In the Senate, progressives like Sens. Bernie Sanders and Elizabeth Warren have not joined calls for a ceasefire, but they have issued statements opposing any potential occupation.  

“Palestinians have a right to determine their own future,” Warren posted on X, formerly Twitter. “Israeli military occupation of Gaza undermines efforts to build two independent states that advance respect for every human being.” 

Rather than occupation, the US has backed the idea of the Palestinian Authority (PA), which governs the Israeli-occupied West Bank, also taking over the Gaza Strip. 

PA Prime Minister Mohammad Shtayyeh told PBS the government is open to governing Gaza only in the event of a comprehensive solution that creates a Palestinian state. 

“We are not going to go to Gaza on an Israeli military tank,” he said. “We are going to go to Gaza as part of a solution that deals with the question of Palestine that deals with occupation.” 

There’s no guarantee that Palestinian people accept the PA as a governing body, given its own issues with corruption, ineffectiveness and being perceived as too passive toward Israel. 

Will Wechsler, the senior director of the Rafik Hariri Center and Middle East Programs at the Atlantic Council, said, it was unrealistic to go back to the PA in the event that Israel defeats Hamas. 

He said they are struggling to do the practical work to govern in areas of the West Bank they currently control. 

Wechsler said the PA can still play an important role in the transition process, which could involve an international peacekeeping force.

“It’s going to be a real challenge and this is the most positive scenario,” Wechsler added. 

The war has also brought a renewed focus on a two-state solution — in which Israel and Palestine would exist in separate countries side-by-side — which many see as the only path toward lasting peace. 

United Nations Secretary-General Antonio Guterres told Reuters there must be a serious negotiation for a two-state solution with the involvement of the US and other interested parties. 

Blinken said at a press briefing on Friday that the tragedy of October 07 reinforces us in our conviction and our commitment to durable and lasting peace through a two-state solution.

However, Hamas represents a swath of the Palestinian population that rejects the idea of existing peacefully alongside Israel, and even if the militant group is defeated in the war, the ideology will live on in some form. 

The war is already taking a massive death toll, with more than 11,000 Palestinians killed so far, according to the Hamas-run Health Ministry. That has spurred fears that more Palestinians will be radicalized after the war, continuing the cycle of violence.  

“That’s the real danger,” said Fritz from Hofstra University, for Israel, for the Palestinians that they are going to be driven in this way.”